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It is basically a middle of the road approach helping you to get out of debt quicker, reduce your financial costs, and cause slight harm to your credit.

Debt Settlement Program: A debt settlement company negotiates your debt with your creditors.

It will entail making a firm commitment to a fixed monthly payment, so make sure that you can afford the payments.

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However, if you are building up a lot of personal debt, including credit card debt, then most likely you are either in a financial hardship, or mismanaging your finances.

Instead of building equity, you are paying lots of interest to service your debt.

With this method you can get out of debt quicker, protect and build your credit, and reduce your overall financial costs.

Cash-Out Mortgage or Home Equity Loan (HEL): If you have extra equity in your home and you want to reduce your monthly payments, then you can consolidate your debt by taking a cash-out refinance, or a Home Equity Loan.

The total credit card debt is about $760 billion, and the average borrower balance (for those with credit card debt) is $5,400.

However, credit card debt isn’t the only type of debt.

While this tactic doesn’t really consolidate your debt, or bills, it is an effective way of paying off your debt in a fast and orderly manner.

Use either the avalanche method (pay off the highest interest rates first) or the snowball method (pay off the lowest balances first).

In fact, if you have bad credit, then your debt consolidation options are very limited. Here are examples of four ways to consolidate your debt and how they mesh with different financial goals.

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